The 7 Most Expensive Words in Business

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Recently, Becker’s Hospital Review published an article titled, “The 7 Most Expensive Words in Business.” This article explored how the phrase “We’ve always done it that way,” can cost facilities far more than they realize.

Although the article was focused on service contracts, OpenMarkets has encountered many providers that fall back on “We’ve always done it that way” when making decisions involving capital equipment purchases. Thus, we’d like to explore how that mentality affects a providers bottom line for equipment.

As the saying goes, “People fear what they don’t understand.”

In other words, change is hard and many people don’t know how, or when, to make a change. We recently met with one of our advisors, Todd DeRoo, Chief Resource Officer at CHRISTUS Trinity Mother Frances, who gave us a great example of an opportunity to change.

“We needed to purchase overbed tables and had always purchased a particular brand. I decided to explore other options and received a sample table from another supplier. A representative from the brand we usually purchased from walked in and saw the competitors table and asked what it was doing there. He told me that we could get a better deal through him, but the table in front of me was a great quality table and cost significantly less. Although the rep tried to negotiate with me, I ended up going with the new supplier and saved about 22%.”

Upgrade your technology, and trim the fat

We get it, Excel spreadsheets are easy to work with and help you feel organized. But, there’s a better way. Understanding that there can be software fatigue with all of the platforms you’re using and have in place, why not do some spring cleaning and only keep or add technology that will make your process equally, if not more effective, and efficient?

Some platforms are currently being offered for at no cost for providers and can help improve your workflow in ways you didn’t even know were available to you. Also, many technology companies offer multiple levels of service and you might be able to consolidate while increasing the usage and benefits. Think of it like cable, internet, and phone – bundle and save!

Sit back and let the suppliers come to you

While you’re Google searching equipment and suppliers, there is a marketplace out there that will do it for you. Imagine how much more time you’d have in your day if you could put out and RFQ and let relevant suppliers come to you. You’ll be able to spend that time vetting products and evaluating competitive quotes, driving cost-savings and establishing relationships with new suppliers. Don’t know where to start? Check out this platform that connects you with suppliers instantly.

Only interested in one supplier? Don’t pick up the phone or send an email. Chat with them in real time!

OpenMarkets is committed to facilitating mutually-beneficial relationships between buyers and sellers of healthcare equipment. For more educational resources, visit education.openmarketshealth.com or explore our blog.